The impact of COVID-19 on the Beijing and Guangzhou rental markets is somewhat similar. When new international assignees were restricted from entering the cities, the demand for expatriate-quality housing dropped and rents became more negotiable, like many other large business hubs across Asia.
Guangzhou and Shenzhen have stable but strong and growing rental markets. While rents for units in some of the most popular buildings increase every year, rents in less competitive buildings tend to decrease.
